Featured Product

    FSB Chair Updates G20 on COVID-19 Response

    April 14, 2020

    FSB published a letter from its Chair Randal K. Quarles summarizing the work being done to tackle challenges posed by the COVID-19 crisis and outlining the resulting re-prioritization of the ongoing FSB work. The letter is addressed to the G20 Finance Ministers and Central Bank Governors, ahead of their virtual meeting on April 15, 2020. The letter outlines the planned activities regarding the ongoing FSB policy work in the areas of addressing vulnerabilities in non-bank financial intermediation, facilitating transition away from London Interbank Offered Rate (LIBOR), harnessing benefits of technological innovation, and promoting efficient and resilient cross-border payments.

    So far, FSB and its member jurisdictions have taken swift, coordinated, and decisive actions to support local and global market functioning. FSB is taking action on three fronts: assessing vulnerabilities caused by the COVID-related challenges, exchanging information daily on the financial policy responses of FSB members, and coordinating policy responses while guiding authorities on ways to use the existing flexibility built into international standard. To date, there have been about 850 discrete actions to address the financial and economic fallout related to COVID-19, including actions to support lending, funding, and market functioning. Beyond COVID-19, FSB has strategically re-prioritized its work for the current year and consulted with the Saudi Arabian G20 Presidency on the timing of its G20 deliverables in the following areas:

    • FSB formed a group of senior market regulators and macro-prudential policy makers to develop a proposal on how to organize work on non-bank financial intermediation going forward. FSB and IOSCO will assess whether the 2017 policy recommendations of FSB to address structural vulnerabilities from asset management activities have been implemented effectively and FSB will report back to the G20 on this assessment.
    • To assist in the transition away from LIBOR by the end of 2021, FSB will deliver a report, in July, to the G20 on supervisory measures being taken and the remaining challenges to benchmark transition, in addition to exploring the ways to address the remaining challenges.
    • This month, FSB will deliver, for an extended consultation, a draft toolkit of effective practices to assist financial institutions in their cyber incident response and recovery. FSB will also provide G20 with the previously committed reports on the implications of bigtech for emerging market and developing economies as well as on the range of practices in the use of regtech and suptech; however, the timelines for these reports will be delayed.
    • FSB will continue to work to develop a roadmap to enhance cross-border payment arrangements that was requested in February. FSB, along with CPMI, will continue the two remaining phases of the project to deliver a roadmap that includes practical steps and an indicative timeframe to improve cross-border payments.
    • An evaluation is underway to assess the extent to which the post-crisis too-big-to-fail reforms are working. FSB will discuss whether the timeline of the evaluation needs to be adjusted in light of COVID-19.

    Related Links

    Keywords: International, Banking, G20, COVID-19, LIBOR, NBFI, Suptech, Bigtech, Too Big to Fail, Cyber Risk, Regtech, Benchmark Reforms, Systemic Risk, FSB

    Featured Experts
    Related Articles

    BIS Paper Studies Impact of Fintech Lending on Small Businesses in US

    The Bank for International Settlements (BIS) published a paper that studies impact of fintech lending on credit access for small businesses in U.S.

    September 26, 2022 WebPage Regulatory News

    UK Regulators Issue CRR Changes and Stress Test Scenarios for Banks

    The Prudential Regulation Authority (PRA) issued the policy statement PS8/22 to amend the Own Funds and Eligible Liabilities (CRR) Part of the PRA Rulebook and update the supervisory statement SS7/13 titled "Definition of capital (CRR firms).

    September 26, 2022 WebPage Regulatory News

    EBA Launches EU-Wide Transparency Exercise in 2022

    The European Banking Authority (EBA) launched the EU-wide transparency exercise for 2022, with results of the exercise expected to be published at the beginning of December, along with the annual Risk Assessment Report.

    September 23, 2022 WebPage Regulatory News

    SRB on CRR Quick-Fix to Policy for Multiple Point of Entry Banks

    The Single Resolution Board (SRB) welcomed the adoption of the review of the Capital Requirements Regulation, or CRR, also known as the "CRR quick-fix."

    September 22, 2022 WebPage Regulatory News

    EC Rule Lists Advanced Economies for Market Risk Capital Calculations

    The European Commission (EC) recently adopted the Delegated Regulation 2022/1622, which sets out the regulatory technical standards to specify the countries that constitute advanced economies for the purpose of specifying risk-weights for the sensitivities to equity.

    September 21, 2022 WebPage Regulatory News

    EBA Publishes Final Regulatory Standards on STS Securitizations

    The European Banking Authority (EBA) published the final draft regulatory technical standards specifying and, where relevant, calibrating the minimum performance-related triggers for simple.

    September 20, 2022 WebPage Regulatory News

    ECB Further Reviews Costs and Benefits Associated with IReF

    The European Central Bank (ECB) is undertaking the integrated reporting framework (IReF) project to integrate statistical requirements for banks into a standardized reporting framework that would be applicable across the euro area and adopted by authorities in other EU member states.

    September 15, 2022 WebPage Regulatory News

    EBA Publishes Funding Plans Report, Receives EMAS Certification

    The European Banking Authority (EBA) has been awarded the top European Standard for its environmental performance under the European Eco-Management and Audit Scheme (EMAS).

    September 15, 2022 WebPage Regulatory News

    MAS Launches SaaS Solution to Simplify Listed Entity ESG Disclosures

    The Monetary Authority of Singapore (MAS) set out the Financial Services Industry Transformation Map 2025 and, in collaboration with the SGX Group, launched ESGenome.

    September 15, 2022 WebPage Regulatory News

    BCBS to Finalize Crypto Rules by End-2022; US to Propose Basel 3 Rules

    The Basel Committee on Banking Supervision met, shortly after a gathering of the Group of Central Bank Governors and Heads of Supervision (GHOS), the oversight body of BCBS.

    September 15, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8521